HMRC are presently pursuing a number of campaigns designed to target taxpayers who have been less than forthcoming in declaring their taxable income and gains. This update summarises these campaigns. Liechtenstein Disclosure Facility (LDF): A new penalty regime was introduced by Schedule 10 of the 2010 Finance Act allowing for a higher penalty for taxpayers … Continued
On 10 June 2011, the Government published a consultation document entitled ‘a new incentive for charitable legacies’. The subject of the consultation is a proposed lower rate of inheritance tax on estates which leave at least 10% to charity. This builds on the announcement made during the Chancellor’s Budget speech in March, which first outlined … Continued
Your business may be better off adopting this method of calculating your quarterly VAT bill unless: Your turnover is above £150,000 and the other qualifying rules do not apply. Your expenditure on standard-rated business expenses is more than HMRC consider typical for your business sector; You regularly receive VAT repayments under standard VAT accounting, or … Continued
Owners of Furnished Holiday Lets (FHL) property may like to consider the following planning points: 1. Loss relief The ability to set off losses from FHL trading was severely restricted on 5 April 2011. From that date the set off of FHL losses against other income of FHL property business owners was stopped. In future … Continued
At the end of the current fiscal year, 5 April 2012 for income tax payers and 31 March 2012 for companies, the current level of Annual Investment Allowance is being reduced from £100,000 to £25,000. If your accounting year end coincides with the fiscal year end this presents no computational difficulties as all qualifying expenditure, … Continued
We are all used to the idea that if you are late filing your self assessment tax return the penalty is fixed at £100. From 6 April 2011 a series of late filing penalties apply. So if you are late in filing your 2010/11 return (latest date for electronic filing is 31 January 2012) these … Continued
The recent decision by HMRC to introduce a new task force to tackle tax fraud and unpaid taxes in the restaurant trade will have many businesses concerned. This decision follow a number of recent initiatives by HMRC to target specific business sectors and the restaurant sector now joins the target list which has included plumbers, … Continued
A UK VAT registered business may only claim a VAT refund from other EU countries where all the following conditions are met: The business is not VAT registered or liable to be VAT registered in the EU country in which the claim is to be made. The UK business does not have a place of … Continued
Tax losses are generally created when your expenditure is more than your income, or in the case of capital losses, when you buy an asset subject to capital gains tax and sell it for less than you paid for it. The position of limited companies is different to that of sole traders and partnerships. Companies … Continued
The recent increase in the amount of lifetime gains that can be sheltered from the main capital gains rate of 28% by claiming Entrepreneurs’ Relief, means that certain lifetime gains of up to £10m can now qualify for this relief and will reduce CGT payable to just 10% of the taxable gain. However to qualify … Continued
🎅🏻BWM Christmas opening hours🎅🏻
🎄The BWM office will be closed over the Christmas period from close of business on Friday 22 December 2023 at 12pm until 9am on Tuesday 2 January 2024. 🎄
The Easter Bunny has come early!🐣Chocolate inspired pay day treat for all our lovely staff 🍫 🐇
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Tempest Suite 5.1, 12 Tithebarn Street,
Liverpool, L2 2DT
Phone: 0151 236 1494
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